Cable remains within the expanding blowout..the end of the broader rally and therefore close to renewed medium term weakness.

Although the test of the 1.6140-70 resistance area has failed the issue is whether we have seen the top.

Certainly the spike to a marginal new high of 1.6170 is enough to satisfy a trend sequence from the 1.5820 low and therefore the entire C leg to end the expansion. As such the current drop should pan out in a trend sequence down to the 1.6030-50 target area outlined in the last two days videos before a corrective rally to 1.6125 the 61.8% before break down through 1.5985 to confirm and accelerate weakness beyond 1.58.

However the analogy with last year would place Cable on April 26th and therefore suggest a spike below 1.6070 also into 1.6030-50 will be enough to end an irregular correction for a rally also back to 1.6125 but with potential to spike 1.6170 stopping out shorts and getting the market long for the C=A target of 1.6245 possibly 1.6285.

Our strategy remains the same.. having squared longs and bought puts at 1.6140 we will buy cash as a hedge on this drop looking to sell this out and venture short either or on new highs or below 1.5985. Stops 1.6310.

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